Treasury Regulations (Amendment)

Overview

The Treasury Regulations under the Audit Act 1901-1920, enacted in 1923, were introduced to establish a structured and uniform process for the preparation and recording of pension accounts, ensuring compliance with legislative requirements and enhancing transparency and accountability in the administration of pensions. This statutory instrument was created by the Deputy of the Governor-General, acting on advice from the Federal Executive Council, to facilitate the effective implementation of the Audit Act 1901-1920. The policy objective of these regulations was to standardise the forms and procedures for pension accounting, thereby streamlining the auditing process and ensuring that pension payments were accurately recorded and verified.

Scope and Application

The Treasury Regulations under the Audit Act 1901-1920 pertain to the administration and regulation of the preparation, maintenance, and auditing of financial accounts related to pensions within the Commonwealth of Australia. These regulations apply to persons and entities involved in the payment of pensions under Section 84 of the Constitution and under the Superannuation Act 1922. The geographic reach of these regulations is national, applying across the Commonwealth of Australia. They include specific requirements for the preparation of pension accounts, specifying the use of Forms 17 and 17a, and detailing the method for calculating the daily pension rate. These regulations also extend their application through the use of subordinate instruments such as prescribed forms, which are integral to the compliance and auditing process. Any exclusions or exemptions are not explicitly mentioned in the text, thus implying that the regulations apply broadly within their scope unless otherwise specified by the Treasurer.

Key Provisions

The Treasury Regulations under the Audit Act 1901-1920 have been amended to update several sections, including 72, 83, 84, 85, 102, 105, 106, and 107, by replacing references to "Form 17a" with "Forms 17 and 17a". Regulation 96 has been altered to include "Section 84 of the Constitution and" before "pensions under". Regulation 58 has been cancelled, with a new regulation introduced that specifies that accounts for pensions under Section 84 of the Constitution should be prepared in Form 17, and accounts for pensions under the Superannuation Act 1922 should be prepared in Form 17a unless otherwise directed by the Treasurer. The daily rate for calculating pensions under Section 84 of the Constitution is to be ascertained by dividing the yearly rate by 365¼. These regulations impose obligations on the parties involved to prepare and certify pension accounts in accordance with the prescribed forms. Specifically, accounts for pensions under Section 84 of the Constitution must be prepared in Form 17, while accounts for pensions under the Superannuation Act 1922 must be prepared in Form 17a. The daily rate for calculating pensions under Section 84 of the Constitution is determined by dividing the yearly rate by 365¼. These forms and calculations must be certified as correct under Section 34 of the Audit Act 1901-1920. Failure to comply with these regulations may result in civil or criminal consequences. The specific penalties are not detailed within the text of the legislation itself, but breaches of the Audit Act 1901-1920 or its regulations could potentially lead to fines or other legal repercussions. The precise penalties would depend on the nature and severity of the breach, and any associated case law or statutory provisions.